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Growth concerns weigh on copper prices, eying Fed's rate meeting

Date 11/8/2018 4:31:42 PM Source: SHMET

SHANGHAI, Nov 8 (SHMET) –SHFE copper moved down in a range bound on November 8’s morning trading, traders were active to sell. Near noon, high-quality copper, flat copper and SXEW copper premiums/discounts were revised down slightly. Trades were not bad.

LME copper remained at high backwardation, but with lower premiums. SHFE/LME cash copper price ratio and 3M arb ratio still held above 8, but the import window remained closed. Trade tension eased, while worries on demand out of slowed economic growth lingered. Copper presented weak performance lately. Not only results of FED meeting but also related information about rates hiking pace should be closely followed.   

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